Emily Boswell https://forexsuggest.com 1m 259 #crypto
The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
With the long-awaited Ethereum merge onto a proof-of-stake blockchain set to happen today, Louis Schoeman, Managing Director of Forex Suggest comments on what the move could mean for adoption and CO2 emissions:
“The move of Ethereum from a proof-of-work to a proof-of-stake blockchain means gas fees will reduce significantly and the network will be able to process transactions faster, reducing energy consumption by up to 99%. With the Ethereum blockchain the size that it is, this move is arguably the most significant crypto event since Ethereum’s own creation.
Research that we conducted earlier this year revealed that a single Ethereum transaction results in over 93lbs of CO2 emissions. This meant that the total of Ethereum transactions made last year produced nearly 22 million tons of CO2 emissions which would require 109.8 million trees to offset. So if energy consumption is reduced by the expected 99%, 108.7 million of those trees will be saved over the next year with CO2 emissions reduced to just 222,222 tons.
The move will also have a significant effect on global sentiment with one of crypto’s biggest criticisms, other than regulation, being its climate impact and weighty CO2 emissions. With the climate crisis on the top of the global agenda, one of the biggest blockchains becoming more environmentally friendly could result in us seeing an uptake in adoption rates. This coupled with the fact that mining crypto will now be significantly cheaper for many, especially notable with the huge hike in energy prices in the last year, should make for some interesting moves in the crypto space over the coming months.”
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